1.       Jennison Associates LLC (Jennison or the Firm) claims compliance with the Global Investment Performance Standards (GIPS^®) and has prepared and presented this report in compliance with the GIPS standards. Jennison has been independently verified for the period from January 1, 1993 through December 31, 2024 A firm that claims compliance with the GIPS Standards must establish policies and procedures for complying with all applicable requirements of the GIPS Standards.  Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS Standards and have been implemented on a firm-wide basis.   The Global Healthcare Composite (Composite) has had a performance examination for the period from July 1, 2008 through December 31, 2024. The verification and performance examination reports are available upon request.

2.       GIPS^® is a registered trademark of CFA Institute.  CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

3.       Jennison Associates LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an indirect wholly owned subsidiary of Prudential Financial, Inc. (Parent). Registration does not imply a certain level of skill or training. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. On January 1, 2006, Jennison redefined the Firm to include JMA assets, for all periods after January 1, 2006.

4.       The net of fee returns for the 1, 5, 10 year periods ending 12/31/2024: 11.25%, 13.78% and 8.92%, respectively. The primary benchmark returns for the 1, 5, 10 year periods ending 12/31/2024: 2.29, 4.02% and 7.24%, respectively.  The secondary benchmark returns for the 1, 5, 10 year periods ending 12/31/2024: 8.69%, 5.46%, and 6.95%, respectively.

5.       The Composite inception date was June 30, 2008 and the creation date under the GIPS standards was July 2008. The Global Healthcare strategy seeks capital appreciation, primarily by investing in long and short positions in the securities of companies engaged in the drug, biotechnology, medical device, and healthcare services industries. Although most investments are in healthcare or healthcare-related securities, the strategy may also invest in the securities of non-healthcare-related companies believed to offer unusually attractive opportunities. The strategy’s global focus allows for investments in companies domiciled anywhere in the world. Derivatives such as listed and over-the-counter options may be used to manage volatility and improve the risk/reward profile of underlying securities positions. Certain accounts within this composite are eligible to invest in securities of private companies which can experience material changes in valuation if there are material changes to the company’s fundamentals, the company goes public or is acquired by another company.  This would result in material performance differences from those accounts that are not permitted to invest in private securities. There are certain risks associated with investing in an alternative investments strategy that focuses on the health sciences sector. These include the risks associated with leverage; investing in illiquid securities, and short selling. These risks may negatively impact performance and increase the risk of investment loss, including the loss of the entire amount that is invested. Additionally, as the strategy focuses its investments in the health sciences sector, there is increased vulnerability to any single economic, political, or regulatory developments affecting this sector than a more diversified strategy. Furthermore, the strategy invests in small- and mid-cap stocks, which may be subject to more erratic market movements and liquidity constraints than large-cap stocks. A list of Jennison’s composite and limited distribution pooled fund descriptions is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

6.       Performance results are calculated in US dollars and reflect reinvestment of dividends and other earnings. Gross of fee performance is presented before custodial and Jennison’s actual advisory fees but after transaction costs. Net of fee performance is presented net of advisory fees and transactions costs.  For periods prior to 2011, net of fee performance is presented net of Jennison’s actual advisory fees. For periods beginning January 1, 2011, net of fee performance reflects the deduction of a model fee and is based on the highest fee in effect during the respective period, which is currently 1.5% fixed fee per year; 20% of annual returns subject to a high-water mark.  Additionally, due to differences in, including but not limited to, Fiscal Year End and performance based fee structure such as high watermark treatment, net of fee performance between the composite and underlying accounts in the composite will differ.  Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. Actual net of fee returns may be higher or lower than model net of fee returns shown, and are available upon request. For a global healthcare separate account the fee schedule offered to institutional clients is as follows: management fee (no lock-up): 1.5% fixed fee per year; management fee (with “soft” lock-up): 1.0% fixed fee per year; “soft lock-up” is a three year commitment. However, assets can be redeemed at the client’s sole discretion at any time (subject to general withdrawal schedule). Withdrawals prior to the three year commitment would be “grossed up” to the “no lock-up” management fee and may be subject to a 1% withdrawal fee. Performance fee: 20% of annual returns subject to a high-water mark. Actual advisory fees charged and actual account minimum size may vary by account due to various conditions described in Jennison Associates LLC’s Form ADV.

7.       The data presented represents past performance and does not guarantee future results. Performance results fluctuate, and there can be no assurances that objectives will be achieved. All investments involve risk, including the possible loss of capital.

8.       The annual composite dispersion presented is an equal weighted standard deviation calculated of the individual gross account returns in the composite for the entire year.  For annual periods with less than 6 accounts included for the entire year, dispersion is not presented.  The three-year annualized ex-post standard deviation measures the variability of the composite’s gross returns and the benchmark over the preceding 36-month period and is not required to be presented prior to 2011 or when 36 monthly composite gross returns are not available.

9.       The primary benchmark for the Strategy is a 50/50 blend of the Standard & Poor’s (S&P) Composite 1500^® Health Care Index and Standard & Poor’s (S&P) Biotechnology Select Industry Index.  The secondary benchmark for the Strategy is the HFRI Equity Hedge Healthcare Index.  Prior to June 30, 2023, the strategy benchmark was the Standard & Poor’s (S&P) Composite 1500^® Health Care Index.  The benchmark was updated to the 50/50 blend because the team believes it more closely resembles the fund’s holdings and more reflective of the investable universe.  The performance of the 50% S&P 1500 Healthcare/50% S&P Biotechnology Select Industry Index (the “50/50 Index”) and the HFRI Equity Hedge Healthcare Index (the “HFRI Index”)  are shown strictly for the purpose of comparison between the Strategy and the Indexes. The 50/50 Index is a custom index calculated by Jennison that rebalances the returns of each component monthly. Since inception, the Global Healthcare Composite has had varying net exposures to biotechnology, generally ranging from 25% to 65% of the Fund’s overall net, with the remainder invested in other healthcare industries. For the same period, the 50/50 Index exposure to biotechnology generally ranges from 50% to 70%, with the remainder invested in other healthcare industries.  Returns for the 50/50 Index do not use leverage, do not include the reinvestment of income and do not include transaction fees, management fees or any other costs. The HFRI Index is the Hedge Fund Research Inc’s composite of various equity healthcare hedge fund strategies and is sometimes used as a point of comparison for long/short healthcare equity funds. The HFRI index is subject to self-reporting by managers and survivorship bias, and is limited to available reported data. The Strategy will have different characteristics from the Indexes including, but not limited to, turnover, leverage, exposures and holdings, and performance and volatility will differ. It is not possible to invest directly in either Index. The Fund is not managed to any performance index.